Approval of resolution plan and Appeal against order passed under section 54L [ Section 54L & 54M ]

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..... g Authority [ Section 54L ] (1) If the Adjudicating Authority is satisfied that the resolution plan as approved by the committee of creditors under sub- section (4) or sub- section (12) of section 54K , as the case may be, subject to the conditions provided therein, meets the requirements as referred to in section 30(2) , it shall within thirty days of the receip .....

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..... section (1) , it may, within thirty days of the receipt of such resolution plan , by an order, reject the resolution plan and pass an order under section 54N . [ Section 54L(3) ] (4) Notwithstanding anything to the contrary contained in this section , where the Adjudicating Authority has passed an order under section 54J(2) and the resolution plan app .....

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..... Section 54L(4) ] Appeal against order under section 54L [ Section 54 M ] Any appeal from an order approving the resolution plan under section 54L(1) , shall be on the grounds laid down in section 61(3) of code. As per section 61(3) of code an appeal against an order approving a resolution plan under section 31 may be filed on the following grounds, nam .....

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..... grounds of material irregularity or fraud committed in relation to such a liquidation order. under section 33 , or sub- section (4) of section 54L , or sub- section (4) of section 54N , - Manuals - Ready reckoner - Law and practice - Reference Guide - Quick Commentary Tax Management India - taxmanagementindia - taxmanagement - ta .....

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